Florida business taxes to be cut, governor says (Miami Herald)

November 8, 2012 –  Florida Gov. Rick Scott is planning to cut business taxes further next year, announcing a new proposal Thursday to raise the exemption on corporate income taxes from $50,000 to $75,000. Scott spoke to the Florida Association of Realtors and said his plan would help cut taxes on about 2,000 businesses. The total tax cut would amount to about $8 million, a fraction of the roughly $2 billion that the state collects in businesses taxes each year. In his first year in office, Scott raised the exemption from $5,000 to $25,000, then followed up in 2012 by doubling the exemption to $50,000. One of Scott’s campaign pledges was to eliminate the corporate income tax, which provides about 8 percent of the state’s annual general revenue. “Today, I am proud to announce that in the upcoming legislative session, we will work to further eliminate the business tax for another 2,000 small businesses,” said Scott. “Everything we do must be tied to helping families get jobs, and eliminating this tax will ensure more small businesses can hire people.”

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